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<p id="1">It includes the goal of limiting warming to 1.5 degree C as mentioned in the Paris pact and encouraging (not compelling) rich nations to increase financial support and align funding flows with mitigation goals. It welcomed the agenda item on a loss and damage fund.</p>
<p id="2">The informal draft also had references to doubling of adaptation finance to $40 billion a year by 2025.</p>
<p>Reflecting concerns of developing countries, the presidency&rsquo;s document expresses &ldquo;deep regret&rdquo; that the developed countries who have the most capabilities financially and technologically to take the lead in reducing their emissions continue to fall short of expectations, sticking to unambitious goals to achieve net zero emissions by 2050 while continuing to emit and disproportionately consume the global carbon budget.</p>
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<p>&ldquo;Developed countries should attain net-negative carbon emissions by 2030. Developing countries can enhance mitigation ambition based on the provision of support by developed countries to developing countries,&rdquo; says the non-paper.</p>
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<p>It highlights that about $4 trillion a year needs to be invested in renewable energy until 2030 &mdash; including investments in technology and infrastructure &mdash; to allow countries to reach net-zero emissions by 2050. It also noted that a global transformation to a low-carbon economy is expected to require investments of at least $4-6 trillion a year. Estimated requirement of $5.6 trillion up to 2030 by developing countries to meet their climate action targets also finds place in the document.</p>
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<p id="2">The countries are, meanwhile, in the huddle, discussing finer points of the nonpaper, and it is expected that the presidency will release the first draft text of COP27 as soon as it gets reports of different ministerial consultation groups by Thursday evening. India, headed by the country&rsquo;s environment minister Bhupender Yadav, along with Australia is co-leading ministerial consultations on key outstanding issues of finance which appears to be quite tricky at this juncture.</p>
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COP27 draft seeks doubling of adaptation finance by '25

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